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| Statement |
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| As you may recall, Liquid Collagen entered Australia, New Zealand and Japan in March of 2023, and the results to date have exceeded our internal expectations |
| So I -- we remain very optimistic that the adoption and benefits that we are seeing in the US will be accelerated in our international markets as we roll this out |
| Consultants' feedback on the event was overwhelmingly positive, and the excitement for the future of LifeVantage was palpable |
| Our latest results once again demonstrate the effectiveness of LV360 coupled with our robust innovation portfolio to drive growth and improve profitability across the entire LifeVantage organization from consultants to customers, from corporate employees, to Board members, energy levels remain incredibly high as our key initiatives continue gaining traction |
| Our recent results underscore the strength of our platform and the competitive edge of our business model in enabling individuals to establish their businesses on their own terms |
| TrueScience Liquid Collagen continues to be the key driver as demand has remained very strong |
| So we're pleased with that |
| Profitability also continues to show solid improvement with adjusted EBITDA increasing over 41% to $4 million in the first quarter and an adjusted EBITDA margin, up 230 basis points to 7.8%.approximately $12 million or 23.5% of Q1 revenue was attributable to Liquid Collagen plus the Healthy Glow Essential Stack which bundles Liquid Collagen with Protandim Nrf2 Synergizer |
| Reorder rates provide another strong indicator of the health of the product and strong demand as second month reorders were up recently at 77.8% versus 77% at the end of Q4 2023 |
| Consultants were able to join together with their teams and plan for the coming months, while also celebrating each other's success |
| With our steadfast leadership team, an array of distinctive products and actively engaged consultant community and a robust financial position |
| In summary, we are very pleased with the early progress on the key LV360 initiatives to drive consultant engagement and expect the positive trends to continue in the US, while broadening to international markets over the next several quarters |
| A few months ago, we announced a new study that we have that articulates the benefits of our liquid collagen when taken with our Protandim Nrf2 synergizers -- and that again has -- gave a boost to us and especially in this stack or a pack that we call it our healthy Glow stack, which combines those two products together |
| Organizationally, we are firmly aligned with the future vision of LifeVantage and our strong balance sheet ensures we are well positioned to deliver significant growth and value to shareholders |
| We are extremely pleased with just how quickly the U.S |
| We remain committed to improving our adjusted EBITDA margins and we believe we are on track to reach our long-term target of low double digits |
| Going on to now our second and third launches in the remaining markets that we have, I'm even more optimistic because people in these countries, let's just say, the Philippines as an example or Canada, they've been able to witness and see the benefits that have come to the plan in the US market |
| Strong demand for new products also continues to drive our optimism about the future as we build on the momentum of liquid collagen through expansion into new geographic areas and complementary offerings |
| This increase was primarily driven by a higher average revenue per account, resulting from the continued success of our Truescience Liquid Collagen product |
| We are primed to achieve substantial growth enhance profitability and create substantial value for our shareholders |
| We ended the first quarter in a strong financial position with $18.4 million of cash and no debt |
| LifeVantage events serve as an excellent community builder and global convention was no different |
| To conclude, I would like to express my gratitude to the dedicated employees, exceptional independent consultants, shareholders and loyal customers |
| Revenue in the Americas region increased 5.9% to $38.5 million in the quarter, including a 6.5% increase in the US as compared to the prior year period |
| I think we did a phenomenal job with individuals, both the employees and our consultant leadership group in terms of the rollout and the communication of the plan |
| It is a perfect complement to the inter activation power of Protandim Nrf2 Synergizer and TrueScience Liquid Collagen and ushers in a new era for the brand's TrueScience activated skincare line |
| This product was introduced in the US in June 2022 and only recently began launching in international markets, which should set the stage for growth in those markets as fiscal 2024 unfolds |
| We have learned from our dialogue with our shareholders and appreciate their continued support as we remain focused on executing our LV360 initiatives to drive sustainable, profitable growth and value creation |
| And I think we've achieved that with this plan |
| We delivered a 6.5% revenue increase in the US, while overall revenues were down fractionally year-over-year on a constant currency basis |
| Statement |
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| First quarter revenue was $51.4 million, down 0.8% on a year-over-year basis and was down 5.3% from the fourth quarter |
| Revenue in our Asia Pacific and Europe region decreased 16.6% to $12.9 million in the quarter, driven by a 17% decrease in total active accounts and the negative impact from foreign currency exchange rate fluctuations |
| Excluding the negative impact from foreign currency fluctuations, first quarter revenue in our Asia Pacific and Europe region was down 14.6% as compared to the prior year period |
| The decrease in gross margin was primarily due to shifts in product sales mix, increased raw material and manufacturing-related costs and higher shipping expenses and warehouse fulfillment expenses during the quarter |
| Excluding the negative impact of foreign currency fluctuations, first quarter revenue was down slightly by $0.1 million or approximately 0.2%, as compared to the prior year period |
| Adjusting for this impact, revenue in Japan declined 4% on a constant currency basis |
| Foreign currency fluctuations negatively impacted revenue by $0.3 million in the first quarter |
| And that is, Carl, I noticed that commissions and incentives were down as a percent of sales |
| Commissions and incentive expense in the first quarter decreased $1.3 million year-over-year |
| The Radoff-Sudbury Group has exercised its right to review and challenge the independent inspector's preliminary voting tabulation |
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